Hey Guys!

Looking for some expert advice from the financial gurus out here.

I'm set to apply for a housing loan under Pagibig and I'm confused on whether to get a 3-year (6.25%) /5-year repricing (around 7%) for 20 years, OR a long-term fixed rate for 20 years at 8.8%.

Fast facts: I already have a home loan from bank but I need additional funds to pay off a family member who shouldered the the bulk of the payment I made. Pagibig seems like the only option because I need a longer term (20 years) to be capable of paying off monthly without too much stress (vs. getting an additional loan from the bank).

So going back to the question, which would be a safer bet? I'm being convinced by the family member to get the 20 year fixed as a safer option in case things go wrong economically and politically as the years come by (seems like this happened sometime several years ago when interest rates blew up as the advice was from experience). I'm just about 30s BTW. On the other hand, lower interest rates at shorter fixed periods seem to go lower and lower at least for the past 6 years, so I'm concerned I may be missing out on this opportunity especially if Pagibig is too strict with not allowing a change in repricing interest rates.

Thoughts please! Thank you!